Hong Kong's Deputy Secretary for Justice, Cheung Kwok-kwan, stated that the "Stablecoin Ordinance," which will take effect on August 1, will build a clear and transparent legal framework and create an orderly and healthy stablecoin market through three pillars: "licensing system," "asset reserve management," and "technical and behavioral supervision." He pointed out that the ordinance will help enhance the international market's confidence in Hong Kong as a global financial center.

Cheung Kwok-kwan also mentioned that Hong Kong will continue to deepen cooperation with the mainland and international markets in the future, and use legal and other professional services to support Chinese and foreign companies in developing their businesses in Hong Kong. [Hong Kong Commercial Daily] [Odaily]